Cazoo raises £100m in Series B funding led by DMG Ventures to expand online car sales
The financing round was led by DMG Ventures to accelerate the shift to digital vehicle retail.
Cazoo operates an online platform for buying used cars with home delivery and collection options. The business acquires and reconditions vehicles for digital sale across the UK.
Cazoo has secured £100m in a Series B funding round led by DMG Ventures. Additional participation came from several backers including General Catalyst, Mubadala Capital, and Octopus Ventures.
The capital will support the company as it scales its digital marketplace for used vehicles across the UK. Founded by Alex Chesterman, the firm has experienced rapid early adoption since launching operations in December.
The fresh injection brings total funds raised by the business to over £180m within its first eighteen months. Operations have recently been adjusted to ensure safe distancing during vehicle handovers amidst broader public health measures.
Investor perspective
"We are very excited to continue to support Alex and the team at Cazoo. The pace of what they’ve achieved and the level of adoption they’ve seen in the first few months since launch is remarkable. With almost 8 million used car transactions a year in the UK, there is a clear opportunity to provide a more convenient way to buy a car and shift part of the market online."
Manuel Lopo de Carvalho
CEO, DMG Ventures
Use of funds
- 01Expand into international markets
Investors
Manuel Lopo de Carvalho
DMG Ventures
General Catalyst
CNP
Mubadala Capital
Octopus Ventures
Eight Roads Ventures
Stride